BNB, the native token of leading crypto exchange firm, Binance, has continued its upward rally that has culminated in it becoming the third largest crypto asset by market cap. Data from Coinmarketcap shows that the token has surpassed that of the popular stablecoin, Tether.
According to available information, the market cap of BNB now stands around $34.4 billion and the asset has also reached an all-time high of $276.64. However, the token has witnessed a little price correction and it is now trading for $258 as of press time.
The Binance token has mostly been able to maintain a position among the top 10 assets by market cap. As recent as January 31, the digital token was trading for $40 and was ranked as the tenth largest crypto asset by market cap. Since then, the price of the asset has increased by almost six-times.
BNB had witnessed a price surge lately as it leveraged on the general bull run of the crypto industry. Its parent company, Binance, had also used the token as the native token for its Binance Smart Chain which seeks to capitalize on the boom of decentralized finance (DeFi).
Notably, the Binance ecosystem has over 103 projects and companies across 13 different verticals running on its smart chain.